The 50-hour simple moving average guided the EUR/JPY currency pair up during yesterday’s trading session.
The exchange rate breached the 50-hour SMA at 122.85 during the morning hours of today’s trading session.
Given that a breakout had occurred, most likely, the common European currency could edge lower against the Japanese Yen today.
The potential downside target for bearish traders will be near a support level formed by the 100-hour SMA at 122.54 during the following trading session.
